June 5, 2019 / 5:55 AM / 5 months ago

Voestalpine proposes 21% dividend cut as economic slowdown bites

VIENNA, June 5 (Reuters) - Austrian specialty steelmaker Voestalpine proposed a 21.4% dividend cut for its 2018/19 business year after operating profit fell by a third due to slow demand from the car industry and a difficult market environment.

Earnings before interest and tax (EBIT) fell 33.9% to 779.4 million euros ($878.5 million), beating average analyst expectations of 765 million euros in a Reuters poll.

Voestalpine will propose a dividend of 1.10 euro per share, down from 1.40 euro the previous year, the group said on Wednesday, shying away from providing a forecast for the current year. ($1 = 0.8879 euros) (Reporting by Kirsti Knolle; Editing by Michael Shields)

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